The local bourse on Friday dropped 1.82 points, or 0.03 percent, to close at 7,022.85, a day after it breached the 7,000 level.

Sectors were split, with Holding Firms leading the advancers at a 1.19 percent increase, followed by Miners up by 1.19 percent.

Services led decliners down by 1.42 percent, while Properties by 0.37 percent.

Monde Nissin Corporation. was the top index gainer, inching up by 2.21 percent to P9.27. Puregold Price Club Inc., on the other hand, was the biggest loser, down by 2.85 percent to P29.00.

DigiPlus Interactive Corp. was the most actively traded stock with a 1,131,358,422 value, down by 14.80 percent; followed by International Container Terminal Services Inc., with a 612,156,494 value, down by 1.82 percent.

Regina Capital Development Corp. head of sales Luis Limlingan said that despite closing the trading week flat and on the red, the Philippine stock market managed to hover above the 7,000 psychological line, "with a 25 basis points cut from the Fed already baked into most traders' expectations."

“On the flip side, Hurricane Francine stirred things up in the Gulf of Mexico, pushing oil prices higher—Brent shot up +1.93 percent, settling at $71.97 per barrel,” he said in a Viber message.

Value turnover was P5.40 billion. Decliners edged Advancers at 96 to 88, while 62 names were unchanged.

The peso closed at P56.2 from a dollar.